The world of oil and gas is moving forward in taking concrete actions to combat climate change. In London, the CEOs of the Oil ad Gas Climate Initiative (OGCI) member companies announced the official start of the first three investment plans to support business projects aimed at substantially reducing greenhouse gas emissions. This crucial step in safeguarding the welfare of the planet was developed by the organization’s “financial arm”, the OGCI’s Climate Investments, represented by its CEO Pratima Rangarajan. In addition to the presentation of the three projects, the London meeting was also an opportunity for the CEOs of OGCI’s member companies to take stock of the first three years of the Organization’s activities. OGCI was established as a result of, and in parallel with, the signing of the agreements on Climate Change in Paris in December 2015, during the COP21.
A commitment that is turning into concrete reality
The presentation of the three investment plans is the natural continuation of the action program set in motion in November 2016 with the establishment of OGCI Climate Investments, the billion-dollar joint investment fund designed to support innovative technologies and business models that can contribute to the significant reduction of greenhouse gas emissions. OGCI Climate Investments is currently working to build a global network of new partnerships to expand the pool of potential stakeholders interested in contributing to the development of research projects aimed at combating climate change. Within this framework, Pratima Rangajaran stated: "The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale."
The innovative projects funded by OGCI
The financial commitment announced by OGCI Climate Investments will back a number of leading enterprises, such as Solidia Technologies, a cement and concrete production company whose innovative technologies have the potential to cut greenhouse gas emissions by up to 70 percent and enable the commercial reuse of the CO2 produced. In the case of Achates Power, a company that develops high-efficiency piston engines, the investment from OGCI Climate Investments aims to accelerate the global distribution of their technology. The third and last project supported by the investment aims to design the first gas power station with CO2 capture capability using CCUS systems. OGCI Climate Investments will partner with the project team to develop a commercially viable power plant model and a basic engineering design that can attract private sector investment as well as support from public bodies.
A virtuous network of partnerships
In London, OGCI also released its third annual report illustrating the progress made during its first three years if activity. In a joint declaration, the ten CEOs who lead OGCI underscored that natural gas “is a vital part of the transition to a lower carbon future. Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal." OGCI is currently working in partnership with the United Nations Environment and the Environmental Defense Fund on the world’s first ever study of methane for the identification and precise quantification of the main global sources of greenhouse gas emissions.
An increasingly emission free future
Looking ahead, OGCI will continue to focus its activities on the key areas of its mission: accelerating the deployment of CCUS technologies, reducing methane emissions from the global oil and gas industry in order to maximize the benefits of natural gas for global climate, and improving the energy efficiency and emission reductions in the transport sector and the oil and gas value chain. OGCI will therefore focus all its efforts on areas where it can make the biggest impact on the reduction of greenhouse gas emissions and contribute to removing obstacles to the development and deployment of the technologies needed to achieve long-term climate goals.